TORONTO, ONTARIO–(Marketwired – Feb. 5, 2015)
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital Corp. (TSX VENTURE:MJN) (“PharmaCan”) is pleased to announce that it has entered into a $500,000, five year, 7.5% fixed rate, interest only mortgage with a private party with respect to its wholly owned subsidiary, In The Zone Produce Ltd. (“In The Zone”). The proceeds from this financing will be used to further the development of In The Zone and for general corporate purposes.
“This is another great milestone for In The Zone along the way to establishing commercial production and sales. We have the opportunity to develop our 14 acre site in the Okanagan Valley, and as we do so, we are confident that In The Zone will be an important contributor to the success of the MMPR,” said Paul Rosen, President & CEO of PharmaCan. “Arranging this mortgage financing is consistent with PharmaCan’s approach to ensuring its investees have access to efficient sources of capital on favourable terms. We will continue to work in a responsible and diligent fashion with the regulators and municipal authorities, and we look forward to accelerating our plans for the further development of In the Zone.”
In The Zone is a licensed producer of medical marijuana pursuant to Canada’s Marihuana for Medical Purposes Regulations (“MMPR”). In The Zone is located on 14 acres of land in the heart of the Okanagan Valley in British Columbia.
About PharmaCan Capital Corp.
PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada’s MMPR. PharmaCan has a diversified portfolio of investments including investments in 5 of the 23 companies licensed by Heath Canada to produce medical marijuana. PharmaCan’s 5 investments includes 3 of the 15 companies that are listed on Heath Canada’s website as licensed to produce and sell medical marijuana as well as another 2 of the 8 companies that are listed on Health Canada’s website as licensed to produce medical marijuana.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Paul Rosen, PharmaCan Capital Corp.
Phone: (416) 504-0004
Deirdre McMurdy, Navigator Ltd.
Phone: (416) 642-6339